Colorado Springs, CO, United States

Colorado Technical University

www.coloradotech.edu/
Colorado Springs, CO, United States

Colorado Technical University is a for-profit university in the United States. Founded in 1965, CTU offers undergraduate, graduate, and doctoral degrees, primarily in business, management, and technology. The university is regionally accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools . It is a subsidiary of Career Education Corporation, which has been facing increasing government scrutiny at the state and federal levels.Colorado Tech's graduation rate is approximately 15-31%, depending on the campus and academic major. The online graduation rate is 20%.In 2013, USA Today listed three of Colorado Tech's programs, including its online program, as "red flag" schools for having student loan default rates that surpassed their graduation rates. Wikipedia.

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News Article | May 3, 2017
Site: www.businesswire.com

SCHAUMBURG, Ill.--(BUSINESS WIRE)--Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the first quarter ended March 31, 2017. “First quarter results were better than expected, and we continue to pursue sustainable and responsible growth opportunities within our University Group,” said Todd Nelson, President and Chief Executive Officer. “Efficiency in our operations as well as growth in total enrollments resulted in a 31 percent increase in operating income for the University Group. We believe our strategy of investing in student-serving University Group processes is driving improved student retention and engagement while increasing the overall stability of our operations. For 2017, we expect modest enrollment growth within the University Group and remain confident in the long-term outlook we provided.” For the first quarter of 2017, total revenue was $162.1 million, an 18.5 percent decrease from $198.9 million for the first quarter of 2016. The decrease was driven by declining revenues within the teach-out segments. Total revenue for the University Group was $148.3 million for the first quarter of 2017 compared to $144.9 million for the first quarter of 2016, an increase of 2.3 percent. (1) Teach-out campuses included in the Transitional Group and Culinary Arts segments no longer enroll new students. For the first quarter of 2017, total student enrollments for the University Group were 34,100, compared to 33,900 in the prior year quarter, primarily driven by improved student retention and new enrollment growth at CTU. For the first quarter of 2017, the Company recorded operating income of $9.8 million in comparison to $7.0 million of operating income for the first quarter of 2016. Total University Group operating income increased to $27.7 million from $21.1 million in the prior year quarter, representing an increase of 30.9 percent. The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its operations. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) As shown in the table below, adjusted operating income for University Group and Corporate was $25.7 million and $19.8 million for the quarters ended March 31, 2017 and 2016 respectively, representing an increase of 29.7 percent. Adjusted operating loss for Transitional Group and Culinary Arts was $9.8 million and $2.9 million for the quarters ended March 31, 2017 and 2016, respectively. In the first quarter of 2017, net cash used in operating activities was $39.1 million compared to net cash used in operating activities of $10.2 million in the first quarter of 2016. The increase in cash usage for the current year quarter was primarily driven by $32.0 million of legal settlements paid during the current quarter. As of March 31, 2017 and December 31, 2016, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $166.6 million and $207.2 million, respectively. The Company has provided an update to its previous outlook, which includes more specific expectations regarding second quarter and full year 2017 performance. These changes are a result of improved stability in our University Group operating performance combined with some variability in 2017 quarterly performance largely due to timing-related items. The Company currently expects the following results, subject to the key assumptions identified below (see the GAAP to non-GAAP reconciliation for adjusted operating income (loss) attached to this press release for further details): Operating income (loss), which is the most directly comparable GAAP measure to adjusted operating income (loss), may not follow the same trends as discussed in our outlook above because of adjustments made for unused space charges that represent the present value of future remaining lease obligations for vacated space less an estimated amount for sublease income as well as depreciation, amortization, asset impairment charges and significant legal settlements. The operating income (loss) and adjusted operating income (loss) and cash outlook provided above for 2017 and 2018 are based on the following key assumptions and factors, among others: (i) modest total enrollment growth within the University Group while achieving the intended University Group efficiencies, (ii) teach-outs to progress as expected and performance consistent with current trends, (iii) achievement of recovery rates for the Company’s real estate obligations and timing of any associated lease termination payments consistent with the Company’s historical experiences, (iv) continued right-sizing of the Company’s corporate expense structure to serve primarily online institutions, (v) no material changes in the legal or regulatory environment and excludes legal and regulatory liabilities which are not probable and estimable at this time and any impact of new or proposed regulations, including the “borrower defense to repayment” regulations issued in November 2016 and the gainful employment regulation, and (vi) consistent working capital movements in line with historical operating trends and potential impacts of teach-out campuses on working capital in line with expectations. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current events and actions that may be undertaken in the future, actual results could differ materially from these estimates. Career Education Corporation will host a conference call on Wednesday, May 3, 2017 at 5:30 p.m. Eastern time to discuss its first quarter 2017 results. Interested parties can access the live webcast of the conference call and the related presentation materials at www.careered.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 844-378-6484 (domestic) or 412-542-4179 (international). Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.careered.com in the Investor Relations section of the website. Career Education’s academic institutions offer a quality education to a diverse student population in a variety of disciplines through online, campus-based and blended learning programs. The Company’s two universities – American InterContinental University (“AIU”) and Colorado Technical University (“CTU”) – provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels. Both universities predominantly serve students online with career-focused degree programs that are designed to meet the educational demands of today’s busy adults. AIU and CTU continue to show innovation in higher education, advancing new personalized learning technologies like their intellipath™ adaptive learning platform. Career Education is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. A listing of individual campus locations and web links to Career Education’s institutions can be found at www.careered.com. Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “estimate,” “continue,” “intend,” “outlook,” “trend” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the gainful employment, 90-10, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education), as well as applicable accreditation standards and state regulatory requirements; the impact of recently issued “defense to repayment” regulations; rulemaking by the U.S. Department of Education or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; our ability to successfully defend litigation and other claims brought against us; the success of our initiatives to improve student experiences, retention and outcomes; negative trends in the real estate market which could impact the costs related to teaching out campuses and the success of our initiatives to reduce our real estate obligations; our ability to achieve anticipated cost savings and business efficiencies; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and its subsequent filings with the Securities and Exchange Commission.


News Article | April 19, 2017
Site: www.businesswire.com

SCHAUMBURG, Ill.--(BUSINESS WIRE)--Career Education Corporation (NASDAQ: CECO), a provider of postsecondary education programs, today announced it will report first quarter financial results after the market closes on Wednesday, May 3, 2017. The Company will host a live conference call and webcast to discuss the results later that evening at 5:30 p.m. Eastern time. Interested parties can access the live webcast of the conference call and the related presentation materials at www.careered.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-844-378-6484 (domestic) or 1-412-542-4179 (international). Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days following the call at www.careered.com in the Investor Relations section of the website. Career Education’s academic institutions offer a quality education to a diverse student population in a variety of disciplines through online, campus-based and blended learning programs. Our two universities – American InterContinental University (“AIU”) and Colorado Technical University (“CTU”) – provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels. Both universities predominantly serve students online with career-focused degree programs that are designed to meet the educational demands of today’s busy adults. AIU and CTU continue to show innovation in higher education, advancing new personalized learning technologies like their intellipath™ adaptive learning platform. Career Education is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. A listing of individual campus locations and web links to Career Education’s institutions can be found at www.careered.com.


The International Nurses Association is pleased to welcome Angie C. Fulmer, RN, BHA, to their prestigious organization with her upcoming publication in the Worldwide Leaders in Healthcare. Angie C. Fulmer is a Registered Nurse currently serving patients within Accelerated Home Healthcare in Littleton, Colorado. With over 26 years experience in nursing, she is a specialist home health care and pediatrics nurse. Angie C. Fulmer gained her Associate’s Degree in Nursing in 1987, becoming a Registered Nurse. An advocate for continuing education, she received her Bachelor of Science Degree in Health and Health Care Administration and Management in 2013 from Colorado Technical University in Colorado Springs. Angie has a wealth of experience in nursing, and has learned new skills during the course of her Bachelor of Science degree, from which she graduated with a GPA of 3.8. She attributes her success to her ability to learn from her patients, and when she is not working, Angie enjoys anything connected to horses. Learn more about Angie C. Fulmer here: http://inanurse.org/network/index.php?do=/4136461/info/ and be sure to read her upcoming publication in Worldwide Leaders in Healthcare.


News Article | May 15, 2017
Site: globenewswire.com

SOUTH SAN FRANCISCO, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, today announced that Bob Goeltz, chief financial officer, has decided to leave the company to pursue new opportunities. In conjunction with Mr. Goeltz’s departure, CytomX is appointing Debanjan Ray as chief financial officer and head of corporate development, effective immediately.  Mr. Ray has been with CytomX since 2011, and most recently served as senior vice president, corporate development and strategy. CytomX is also promoting Danielle Olander to senior vice president, talent and administrative operations.  “Bob has played a key role in our success at CytomX, including leading our $92 million initial public offering in 2015, and building a first-class financial organization. I want to thank him for his many contributions and wish him well in future endeavors,” said Sean McCarthy, D.Phil., president and chief executive officer. “During his six years with the company, Debanjan has been instrumental to CytomX’s business success, including structuring and executing collaborations that have resulted in more than $300 million in upfront and milestone payments to date and total potential deal value in excess of $5 billion. I am delighted to have Debanjan assume the CFO role and look forward to continuing to partner with him as we rapidly progress our pipeline of potentially transformative Probody™ therapeutics,” continued Dr. McCarthy. “I also congratulate Danielle on her very well-deserved promotion that reflects her broad impact on our organizational development.” Mr. Ray has more than 15 years of experience in the biopharmaceutical industry. Prior to joining CytomX in 2011, Mr. Ray was vice president of business development at Itero Biopharmaceuticals. Earlier in his career, Mr. Ray was an associate director of business development at Portola Pharmaceuticals and held positions in the life sciences venture practice at J.P. Morgan Partners and McKinsey & Company. Mr. Ray holds a dual B.S. in chemical engineering and biology from the Massachusetts Institute of Technology and an M.B.A. from The Wharton School, University of Pennsylvania. Ms. Olander has led human resources management and operations for more than 20 years and has been a member of the CytomX team since 2014. Prior to CytomX, she served as the senior director of human resources management at Portola Pharmaceuticals. Prior to joining Portola, Ms. Olander held positions at SuperGen (now Astex Pharmaceuticals), SUGEN (acquired by Pfizer) and Kinetic Search. She received her B.S. in human resource management from Colorado Technical University. She is chairperson of the Biotechnology HR Network and an active member of the Society for Human Resources Management and World at Work, The Total Rewards Association. CytomX is a clinical-stage, oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody technology platform. The Company uses its platform to create proprietary cancer immunotherapies against clinically-validated targets, such as PD-L1, and develop first-in-class cancer therapeutics against difficult-to-drug targets, such as CD166. Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues. The Company’s lead program, CX-072, a wholly-owned PD-L1-targeting Probody therapeutic, is being evaluated in a Phase 1/2 study. CX-072 is part of PROCLAIM (Probody Clinical Assessment In Man), an international umbrella clinical trial program that provides clinical trial sites with access to the Company’s novel therapies under one central protocol. The trial initiation for CX-2009, a first-in-class Probody drug conjugate targeting the highly expressed tumor antigen, CD166, is expected mid-2017. In addition to its proprietary programs, CytomX is collaborating with strategic partners, including AbbVie, Bristol-Myers Squibb Company, Pfizer Inc., MD Anderson Cancer Center and ImmunoGen, Inc. For more information, visit www.cytomx.com or follow us on Twitter.


News Article | May 15, 2017
Site: globenewswire.com

SOUTH SAN FRANCISCO, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, today announced that Bob Goeltz, chief financial officer, has decided to leave the company to pursue new opportunities. In conjunction with Mr. Goeltz’s departure, CytomX is appointing Debanjan Ray as chief financial officer and head of corporate development, effective immediately.  Mr. Ray has been with CytomX since 2011, and most recently served as senior vice president, corporate development and strategy. CytomX is also promoting Danielle Olander to senior vice president, talent and administrative operations.  “Bob has played a key role in our success at CytomX, including leading our $92 million initial public offering in 2015, and building a first-class financial organization. I want to thank him for his many contributions and wish him well in future endeavors,” said Sean McCarthy, D.Phil., president and chief executive officer. “During his six years with the company, Debanjan has been instrumental to CytomX’s business success, including structuring and executing collaborations that have resulted in more than $300 million in upfront and milestone payments to date and total potential deal value in excess of $5 billion. I am delighted to have Debanjan assume the CFO role and look forward to continuing to partner with him as we rapidly progress our pipeline of potentially transformative Probody™ therapeutics,” continued Dr. McCarthy. “I also congratulate Danielle on her very well-deserved promotion that reflects her broad impact on our organizational development.” Mr. Ray has more than 15 years of experience in the biopharmaceutical industry. Prior to joining CytomX in 2011, Mr. Ray was vice president of business development at Itero Biopharmaceuticals. Earlier in his career, Mr. Ray was an associate director of business development at Portola Pharmaceuticals and held positions in the life sciences venture practice at J.P. Morgan Partners and McKinsey & Company. Mr. Ray holds a dual B.S. in chemical engineering and biology from the Massachusetts Institute of Technology and an M.B.A. from The Wharton School, University of Pennsylvania. Ms. Olander has led human resources management and operations for more than 20 years and has been a member of the CytomX team since 2014. Prior to CytomX, she served as the senior director of human resources management at Portola Pharmaceuticals. Prior to joining Portola, Ms. Olander held positions at SuperGen (now Astex Pharmaceuticals), SUGEN (acquired by Pfizer) and Kinetic Search. She received her B.S. in human resource management from Colorado Technical University. She is chairperson of the Biotechnology HR Network and an active member of the Society for Human Resources Management and World at Work, The Total Rewards Association. CytomX is a clinical-stage, oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody technology platform. The Company uses its platform to create proprietary cancer immunotherapies against clinically-validated targets, such as PD-L1, and develop first-in-class cancer therapeutics against difficult-to-drug targets, such as CD166. Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues. The Company’s lead program, CX-072, a wholly-owned PD-L1-targeting Probody therapeutic, is being evaluated in a Phase 1/2 study. CX-072 is part of PROCLAIM (Probody Clinical Assessment In Man), an international umbrella clinical trial program that provides clinical trial sites with access to the Company’s novel therapies under one central protocol. The trial initiation for CX-2009, a first-in-class Probody drug conjugate targeting the highly expressed tumor antigen, CD166, is expected mid-2017. In addition to its proprietary programs, CytomX is collaborating with strategic partners, including AbbVie, Bristol-Myers Squibb Company, Pfizer Inc., MD Anderson Cancer Center and ImmunoGen, Inc. For more information, visit www.cytomx.com or follow us on Twitter.


News Article | May 15, 2017
Site: globenewswire.com

SOUTH SAN FRANCISCO, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, today announced that Bob Goeltz, chief financial officer, has decided to leave the company to pursue new opportunities. In conjunction with Mr. Goeltz’s departure, CytomX is appointing Debanjan Ray as chief financial officer and head of corporate development, effective immediately.  Mr. Ray has been with CytomX since 2011, and most recently served as senior vice president, corporate development and strategy. CytomX is also promoting Danielle Olander to senior vice president, talent and administrative operations.  “Bob has played a key role in our success at CytomX, including leading our $92 million initial public offering in 2015, and building a first-class financial organization. I want to thank him for his many contributions and wish him well in future endeavors,” said Sean McCarthy, D.Phil., president and chief executive officer. “During his six years with the company, Debanjan has been instrumental to CytomX’s business success, including structuring and executing collaborations that have resulted in more than $300 million in upfront and milestone payments to date and total potential deal value in excess of $5 billion. I am delighted to have Debanjan assume the CFO role and look forward to continuing to partner with him as we rapidly progress our pipeline of potentially transformative Probody™ therapeutics,” continued Dr. McCarthy. “I also congratulate Danielle on her very well-deserved promotion that reflects her broad impact on our organizational development.” Mr. Ray has more than 15 years of experience in the biopharmaceutical industry. Prior to joining CytomX in 2011, Mr. Ray was vice president of business development at Itero Biopharmaceuticals. Earlier in his career, Mr. Ray was an associate director of business development at Portola Pharmaceuticals and held positions in the life sciences venture practice at J.P. Morgan Partners and McKinsey & Company. Mr. Ray holds a dual B.S. in chemical engineering and biology from the Massachusetts Institute of Technology and an M.B.A. from The Wharton School, University of Pennsylvania. Ms. Olander has led human resources management and operations for more than 20 years and has been a member of the CytomX team since 2014. Prior to CytomX, she served as the senior director of human resources management at Portola Pharmaceuticals. Prior to joining Portola, Ms. Olander held positions at SuperGen (now Astex Pharmaceuticals), SUGEN (acquired by Pfizer) and Kinetic Search. She received her B.S. in human resource management from Colorado Technical University. She is chairperson of the Biotechnology HR Network and an active member of the Society for Human Resources Management and World at Work, The Total Rewards Association. CytomX is a clinical-stage, oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody technology platform. The Company uses its platform to create proprietary cancer immunotherapies against clinically-validated targets, such as PD-L1, and develop first-in-class cancer therapeutics against difficult-to-drug targets, such as CD166. Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues. The Company’s lead program, CX-072, a wholly-owned PD-L1-targeting Probody therapeutic, is being evaluated in a Phase 1/2 study. CX-072 is part of PROCLAIM (Probody Clinical Assessment In Man), an international umbrella clinical trial program that provides clinical trial sites with access to the Company’s novel therapies under one central protocol. The trial initiation for CX-2009, a first-in-class Probody drug conjugate targeting the highly expressed tumor antigen, CD166, is expected mid-2017. In addition to its proprietary programs, CytomX is collaborating with strategic partners, including AbbVie, Bristol-Myers Squibb Company, Pfizer Inc., MD Anderson Cancer Center and ImmunoGen, Inc. For more information, visit www.cytomx.com or follow us on Twitter.


News Article | May 15, 2017
Site: globenewswire.com

SOUTH SAN FRANCISCO, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, today announced that Bob Goeltz, chief financial officer, has decided to leave the company to pursue new opportunities. In conjunction with Mr. Goeltz’s departure, CytomX is appointing Debanjan Ray as chief financial officer and head of corporate development, effective immediately.  Mr. Ray has been with CytomX since 2011, and most recently served as senior vice president, corporate development and strategy. CytomX is also promoting Danielle Olander to senior vice president, talent and administrative operations.  “Bob has played a key role in our success at CytomX, including leading our $92 million initial public offering in 2015, and building a first-class financial organization. I want to thank him for his many contributions and wish him well in future endeavors,” said Sean McCarthy, D.Phil., president and chief executive officer. “During his six years with the company, Debanjan has been instrumental to CytomX’s business success, including structuring and executing collaborations that have resulted in more than $300 million in upfront and milestone payments to date and total potential deal value in excess of $5 billion. I am delighted to have Debanjan assume the CFO role and look forward to continuing to partner with him as we rapidly progress our pipeline of potentially transformative Probody™ therapeutics,” continued Dr. McCarthy. “I also congratulate Danielle on her very well-deserved promotion that reflects her broad impact on our organizational development.” Mr. Ray has more than 15 years of experience in the biopharmaceutical industry. Prior to joining CytomX in 2011, Mr. Ray was vice president of business development at Itero Biopharmaceuticals. Earlier in his career, Mr. Ray was an associate director of business development at Portola Pharmaceuticals and held positions in the life sciences venture practice at J.P. Morgan Partners and McKinsey & Company. Mr. Ray holds a dual B.S. in chemical engineering and biology from the Massachusetts Institute of Technology and an M.B.A. from The Wharton School, University of Pennsylvania. Ms. Olander has led human resources management and operations for more than 20 years and has been a member of the CytomX team since 2014. Prior to CytomX, she served as the senior director of human resources management at Portola Pharmaceuticals. Prior to joining Portola, Ms. Olander held positions at SuperGen (now Astex Pharmaceuticals), SUGEN (acquired by Pfizer) and Kinetic Search. She received her B.S. in human resource management from Colorado Technical University. She is chairperson of the Biotechnology HR Network and an active member of the Society for Human Resources Management and World at Work, The Total Rewards Association. CytomX is a clinical-stage, oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody technology platform. The Company uses its platform to create proprietary cancer immunotherapies against clinically-validated targets, such as PD-L1, and develop first-in-class cancer therapeutics against difficult-to-drug targets, such as CD166. Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues. The Company’s lead program, CX-072, a wholly-owned PD-L1-targeting Probody therapeutic, is being evaluated in a Phase 1/2 study. CX-072 is part of PROCLAIM (Probody Clinical Assessment In Man), an international umbrella clinical trial program that provides clinical trial sites with access to the Company’s novel therapies under one central protocol. The trial initiation for CX-2009, a first-in-class Probody drug conjugate targeting the highly expressed tumor antigen, CD166, is expected mid-2017. In addition to its proprietary programs, CytomX is collaborating with strategic partners, including AbbVie, Bristol-Myers Squibb Company, Pfizer Inc., MD Anderson Cancer Center and ImmunoGen, Inc. For more information, visit www.cytomx.com or follow us on Twitter.


News Article | February 23, 2017
Site: www.businesswire.com

SCHAUMBURG, Ill.--(BUSINESS WIRE)--Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the fourth quarter and year ended December 31, 2016. “I am pleased with our 2016 results and with the progress our teams have made against our strategic initiatives,” said Todd Nelson, President and Chief Executive Officer. “Our commitment to improving student retention and outcomes while investing in technology and resources resulted in total enrollment growth at our University Group, with year-end total enrollments at the highest level since 2012. The results of our teach-out operations were ahead of our expectations, and our overall operating costs decreased by more than $200 million compared to last year, resulting in a year end cash balance that was higher than our outlook. For 2017, we will continue to invest in technology and resources which we believe will further enhance student retention and outcomes and pursue sustainable and responsible growth opportunities within our University Group.” For the quarter and year ended December 31, 2016, total revenue was $155.3 million and $704.4 million, respectively, representing a decrease of 22.4 percent and 16.9 percent, respectively, compared to total revenue of $199.9 million and $847.3 million for the quarter and year ended December 31, 2015, respectively. The decrease was driven by declining revenues within the teach-out segments. Total revenue for the University Group was $135.6 million and $562.4 million for the quarter and year ended December 31, 2016, respectively, representing a decrease of 1.3 percent and an increase of 2.3 percent, respectively. As of the end of 2016, total student enrollments for the University Group were 33,600, compared to 31,900 as of the prior year, primarily driven by improved student retention at CTU and new enrollment growth at AIU. New student enrollments for the University Group were 9,280 and 35,120 for the quarter and year ended December 31, 2016, respectively, compared to new student enrollments of 8,760 and 35,290 for the quarter and year ended December 31, 2015, respectively. For the quarter and year ended December 31, 2016, the Company recorded an operating loss of $55.9 million and $32.3 million, respectively, compared to operating losses of $3.9 million and $92.2 million for the quarter and year ended December 31, 2015, respectively. Total University Group operating loss of $9.9 million and operating income of $69.8 million for the quarter and year ended December 31, 2016, respectively, included charges of $32.0 million recorded for a legal settlement and associated third party legal fees within AIU as well as increased compensation expenses for the current year related to performance-driven metrics. The fourth quarter operating loss for the teach-out segments included $18.4 million of unused space charges as compared to $2.5 million in the prior year quarter. Additionally, asset impairment charges for the teach-out segments of $0.9 million were recorded in the current year as compared to $60.0 million recorded in the prior year with $0.9 million and $9.2 million recorded in the current year quarter and prior year quarter, respectively. Net loss of $32.9 million was recorded for the quarter ended December 31, 2016 as compared to net income of $142.7 million in the prior year quarter. For the year ended December 31, 2016, net loss was $18.7 million as compared to net income of $51.9 million for the prior year. The prior year quarter and year ended included a tax benefit of $146.5 million and $147.5 million, respectively, driven by the partial reversal of tax valuation allowances. The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its operations. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) As shown in the table below, adjusted EBITDA for the University Group and Corporate was $17.9 million and $91.7 million for the quarter and year ended December 31, 2016, respectively, representing a decrease of 39.4 percent and an increase of 9.6 percent, respectively, as compared to the prior year periods. The current quarter variance is driven by increased compensation expenses related to performance-driven metrics recorded in the current quarter. Adjusted EBITDA for the Transitional Group, Culinary Arts and discontinued operations improved to negative $19.6 million and a negative $49.8 million for the quarter and year ended December 31, 2016, respectively, representing improvement of 5.1 percent and 43.5 percent, respectively, as compared to the prior year periods. Net cash used in operating activities was negative $9.8 million and net cash flows provided by operating activities was $5.9 million for the quarter and year ended December 31, 2016, respectively, as compared to net cash used in operating activities of $0.7 million and $21.7 million for the prior year periods, respectively. The cash usage in the fourth quarter of 2016 includes increased payments related to exiting and reducing long-term lease obligations as compared to the prior year. The Company’s continued focus on improving marketing efficiencies within the University Group and the reduction in operating losses related to our teach-outs contributed to the improvement in cash flow from operations for the full year. As of December 31, 2016 and December 31, 2015, cash, cash equivalents, restricted cash and available-for-sale short-term and long-term investments, net of borrowings, totaled $207.2 million and $201.0 million, respectively. With the substantial completion of the teach-outs occurring in 2017, Career Education Corporation will begin disclosing its outlook based on an operating income (loss) and adjusted operating income (loss) measure as well as providing an outlook for year-end cash, cash equivalents, restricted cash and short-term investments, net of borrowings. The Company believes that an adjusted operating income (loss) measure will better reflect the ongoing operations of the business now that the teach-outs will be substantially complete. The Company will no longer provide updates under the previous measure of adjusted EBITDA. The Company expects the following results, subject to the key assumptions identified below (see the GAAP to non-GAAP reconciliation for adjusted operating income (loss) attached to this press release for further details): Operating income (loss), which is the most directly comparable GAAP measure to adjusted operating income (loss), may not follow the same trends as discussed in our outlook above because of adjustments made for unused space charges that represent the present value of future remaining lease obligations for vacated space less an estimated amount for sublease income as well as depreciation, amortization, asset impairment charges and significant legal settlements. The operating income (loss) and adjusted operating income (loss) and cash outlook provided above for 2017 and 2018 are based on the following key assumptions and factors, among others: (i) modest total enrollment growth within the University Group while achieving the intended University Group efficiencies, (ii) teach-outs to progress as expected and performance consistent with current trends, (iii) achievement of recovery rates for the Company’s real estate obligations and timing of any associated lease termination payments consistent with the Company’s historical experiences, (iv) continued right-sizing of the Company’s corporate expense structure to serve primarily online institutions, (v) no material changes in the legal or regulatory environment and excludes legal and regulatory liabilities which are not probable and estimable at this time and any impact of new or proposed regulations, including the “borrower defense to repayment” regulations issued in November 2016 and the gainful employment regulation, and (vi) consistent working capital movements in line with historical operating trends and potential impacts of teach-out campuses on working capital in line with expectations. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current events and actions that may be undertaken in the future, actual results could differ materially from these estimates. Career Education Corporation will host a conference call on Thursday, February 23, 2017 at 5:30 p.m. Eastern time to discuss its fourth quarter and full year 2016 results. Interested parties can access the live webcast of the conference call and the related presentation materials at www.careered.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 844-378-6484 (domestic) or 412-542-4179 (international). Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.careered.com in the Investor Relations section of the website. Career Education’s academic institutions offer a quality education to a diverse student population in a variety of disciplines through online, campus-based and blended learning programs. The Company’s two universities – American InterContinental University (“AIU”) and Colorado Technical University (“CTU”) – provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels. Both universities predominantly serve students online with career-focused degree programs that are designed to meet the educational demands of today’s busy adults. AIU and CTU continue to show innovation in higher education, advancing new personalized learning technologies like their intellipath™ adaptive learning platform. Career Education is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. A listing of individual campus locations and web links to Career Education’s institutions can be found at www.careered.com. Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “estimate,” “continue,” “intend,” “trend” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the gainful employment, 90-10, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education), as well as applicable accreditation standards and state regulatory requirements; the impact of recently issued “defense to repayment” regulations; rulemaking by the U.S. Department of Education or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; our ability to successfully defend litigation and other claims brought against us; the success of our initiatives to improve student experiences, retention and outcomes; negative trends in the real estate market which could impact the costs related to teaching out campuses and the success of our initiatives to reduce our real estate obligations; our ability to achieve anticipated cost savings and business efficiencies; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and its subsequent filings with the Securities and Exchange Commission.


The International Nurses Association is pleased to welcome Kiwana D. Carraway, RN, BSN, to their prestigious organization with her upcoming publication in the Worldwide Leaders in Healthcare. Kiwana D. Carraway is a Registered Nurse with seven years of experience in her field and an extensive expertise in all facets of nursing, especially in geriatrics and dialysis nursing. Kiwana is currently serving patients within Fresenius Kidney Care in Fayetteville, North Carolina. Kiwana D. Carraway attended ECPI University, graduating with her Licensed Practical Nurse Degree. An advocate for continuing education, Kiwana went on earn her Nursing Degree from ITT Technical Institute, before receiving her Bachelor of Science Degree in Nursing from Colorado Technical University. She attributes her success to continually striving to better herself, and when she is not working, Kiwana enjoys writing music and singing, playing board games, and spending time with her son. Learn more about Kiwana D. Carraway here: http://inanurse.org/network/index.php?do=/4135554/info/ and be sure to read her upcoming publication in Worldwide Leaders in Healthcare.


News Article | December 19, 2016
Site: www.24-7pressrelease.com

AURORA, CO, December 19, 2016-- Dr. Coy Doyle Ritchie has been included in Marquis Who's Who. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.Recognized for more than four decades of invaluable professional contributions, Dr. Ritchie parlays his knowledge into his current roles with Ritchie Management Services, for which he has served as president and owner since 2003. Prior to entering into business, he earned a Bachelor of Science in business administration from Roosevelt University. Dr. Ritchie served as director and officer-in-charge of the Navy Electronics Training School, where he stayed for three years. For eight years, he worked with the ITT Technical Institute as a director and area manager. During that time, he earned an MBA from City University in Seattle, and from 1986 to 1988, he worked with Colorado Technical College as dean and vice president.In 1988, Dr. Ritchie returned to the ITT Technical Institute, working as the director of the Sacramento campus until 1991, and subsequently working in the same role for the school's Aurora campus. Shortly after resuming his tenure with the ITT Technical Institute, Dr. Ritchie earned a Doctor of Management from Colorado Technical University. Interestingly, he served Colorado Tech as vice president and chancellor from 1997 and 2002.Dr. Ritchie affiliates himself with the Military Order of the World Wars, the Mile High Military Officers Association, and Beta Gamma Sigma. Throughout his career, he has achieved much. Indeed, he penned "Digital Computers," which was published in 1965, and he was featured in the 37th edition of Who's Who in Finance and Business, and the 62nd through 70th editions of Who's Who in America. Looking forward, Dr. Ritchie intends to experience continued growth and career success.About Marquis Who's Who :Since 1899, when A. N. Marquis printed the First Edition of Who's Who in America , Marquis Who's Who has chronicled the lives of the most accomplished individuals and innovators from every significant field of endeavor, including politics, business, medicine, law, education, art, religion and entertainment. Today, Who's Who in America remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms around the world. Marquis now publishes many Who's Who titles, including Who's Who in America , Who's Who in the World , Who's Who in American Law , Who's Who in Medicine and Healthcare , Who's Who in Science and Engineering , and Who's Who in Asia . Marquis publications may be visited at the official Marquis Who's Who website at www.marquiswhoswho.com

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